Amalgamated Appliance Reports Record Profits Aug 27, 2004

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African-based appliance maker Amalgamated Appliance Holdings announced that it witnessed a 187 percent growth in profits in the 16-month period ended June 2004.

Attributable profits improved 187 percent from 31.8 million rand (approx. U.S. $4.7 million) to just short of 91.4 million rand (approx. $13.6 million). The group changed its year-end from February to June.

The group said there had been strong demand during the period for home entertainment products, as well as household electrical appliances.

Revenue over the reporting period grew by 82 percent to 2 billion rand (approx. $297.6 million), while operating profits were up 171 percent to 140 million rand (approx. $20.8 million).

Looking ahead, the company said that enhanced disposable income driven by low inflation and interest rates should maintain the high level of real household consumption expenditure. (Business Day)

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